The amount of foreign investment and internal developments happening in Cyprus are revolutionizing the real estate market and the time is perfect to look into how to become a real estate agent in Cyprus.
As more real estate projects continue to pour into the country as well as greater foreign interests in acquiring property around the island, real estate agents in Cyprus are key actors in the transaction, which means a wealth of benefits for those making the switch to the industry.
Learn how to become a real estate agent in Cyprus with Property Experts Cyprus and take advantage of one of the hottest industries in the country.
The Cyprus Real Estate Market
Despite the slowdown that the Covid-19 pandemic has had on the global movement and development across nations, trends in Cyprus show that real estate growth and stability are ahead for the remainder of 2021.
Cyprus Foreign Direct Investment (FDI) netted an increase of 768 billion USD in the last quarter of 2020. In comparison, other similar jurisdictions such as Greece only increased by 385.3 million USD and Malta took a sharp dive by 1,141 million USD, which highlights the continued demand for real estate development and other nation-wide investment schemes despite the pandemic limiting the ability of economic and business transactions to occur at a normal pace.
As the country returns to normal business operations, Cyprus development projects from Limassol’s marina and technology parks to Famagusta’s business centers will push the industry’s rapid transformation further.
Cyprus also had one of the highest increases in housing prices at the end of 2020 alongside Luxembourg, up 4.7%. Construction accounted for 7% of the market in the country according to the 2020 Country Report and real estate transactions hit 3.63 million USD (3 billion Euros) the same year. Residential properties held steady even despite Covid-19 impacts.
Given the indicators that the Cyprus property market is set to maintain its upward edge in the next few years, there is no better time to learn how to become a real estate agent in Cyprus.
Not only are Cyprus real estate agents in the best position to purchase their own exclusive residential properties in their ideal location, the commission rates, and income stability that come with the growing market provide greater protections and opportunities for those looking for a career change.
Other benefits include the exciting prospect of becoming your own boss. As entrepreneurs, real estate agents have the chance to start their own business if they don’t want to work with another real estate company. This gives more freedom to set your own hours and work flexibly around other important commitments in your life while still setting your own goals for the income price range that is right for you.
For those who thrive in a people-oriented environment, learning how to become a real estate agent in Cyprus means exploring the dynamic relationships that come with both assisting locals as well as eager foreign investors ready to see all the country has in store.
Continue reading to see how to become a real estate agent in Cyprus and achieve not only your goals but also become a part of the much-anticipated process for so many sellers and buyers.
The Legal Establishment of Cyprus Real Estate Agents
Local legislation regulates the process on how to become a real estate agent in Cyprus, which means to enter the industry an individual or a real estate agency must be a qualified professional as well as complete registration with the Registrar of Estate Agents.
The Real Estate Agents Law of 2010 solidified this change in an effort to protect property buyers from unregistered agents and the Cyprus Real Estate Agents’ Association (CREAA) closely monitors the industry. Registered real estate agents and their respective real estate agencies should also register with CREAA to demonstrate higher credibility within the profession.
Know the Process on How to Become a Real Estate Agent in Cyprus
Becoming a real estate agent in Cyprus has many rewarding aspects and there are only a few short steps needed to become a recognized and legal professional in this field.
Criteria for how to become a real estate agent in Cyprus include:
- Be a citizen of Cyprus or another EU member state; spouses and children of citizens are eligible if the habitual residence is in the Republic
- Is not in bankruptcy or legal disability under judicial decision
- Has no convictions of dishonesty or moral indecency or has since reinstated by means of pertinent legislation
- Completed a minimum of three-year course with a recognized diploma, degree, or title from a university or professional body that includes twelve months of professional practice under a deputy real estate agent; holds a masters degree or title containing a minimum of one-year studies related to the profession of real estate agents
- Demonstrates sufficient knowledge of Cyprus town planning legislation and real estate, determined by written examination from the Council of Real Estate Agents
Completing the Process
The professionals at Property Experts Cyprus can assist you in getting your paperwork in order and submitting the documents correctly to take the pressure off of working through how to become a real estate agent in Cyprus efficiently and in a timely manner.
Notification after the submission of application is within three months and based on meeting the criteria, passing the written examinations, and paying the associated fees.
License Validity and Renewal
The certificate of registration is valid for life whereas the annual license expires on December 31 of every year and may be renewed under the same terms for a renewal fee.
Modern developments in the world of Cyprus real estate and the surge in foreign interest to invest in property in the country have meant that real estate agents are necessary figures in these transactions. Those looking for a career change or who have long yearned for the freedom and benefits of becoming a licensed real estate agent can find themselves in the middle of the biggest trends in Cyprus this year.
The team at Property Experts Cyprus is excited to help you start this journey into the exciting world of property and is here to assist you with how to become a real estate agent in Cyprus professionally and properly. Contact us to find out more about our experience and move into the career that you’ve dreamed of.